Legend owners buy Bristlecone Pines

In a tough economy when most private golf courses are struggling to survive, the owners of the private golf club The Legend have acquired the Bristlecone Pines course in Waukesha County, along with more than five undeveloped acres around the golf course, for $8 million.

According to the Waukesha County Register of Deeds office, The Legend, owned by Ron Kuhlman and Jack Gaudion and located in Wales, paid $6.1 million to Malec Holdings II Ltd. for the Hartland golf course. The group paid $1.9 million for the undeveloped land.

“Considering this is probably the worst possible environment to get financing, we’re proud to have accomplished this acquisition,” said Gaudion, managing partner of The Legend, which now owns three golf clubs.

In addition to The Legend at Bristlecone, Gaudion and Kuhlman own The Legend at Bergamont in Oregon, near Madison, and the original course in Wales, called The Legend at Brandybrook, which opened in 2003.

Securant Bank & Trust, Hartland, provided financing for the acquisition, Gaudion said. Malec Holdings II Ltd. also provided some seller financing to complete the deal. Representatives from Malec Holdings could not be reached for comment.

“We believe we paid a premium price for the course that benefits everyone involved,” Gaudion said.

Gaudion said the Bristlecone and Brandybrook clubs have been combined, allowing the more than 300 members at The Legend at Brandybrook and 25 new members at The Legend at Bristlecone to play at both courses and have access to the family amenities such as tennis, the water park at Brandybrook and other dining and social events.

Gaudion plans to cap his membership base at 650 between the two clubs. Bristlecone Pines will be converted to a private club in April 2010.

To attract new members to the combined clubs, Gaudion said The Legend is offering a short-term $15,000 refundable deposit for membership. The original deposit for membership in The Legend was $35,000.

Still growing

The difference between The Legend and many other private golf clubs in the Milwaukee area is that it continues to grow because of its family-oriented club model, refundable membership deposits and young membership base, said a member of the Wisconsin State Golf Association, who did not want to be identified.

The most gratifying result of the combined clubs is that there are more people in the adjacent Bristlecone subdivision who are joining because the nearby course is becoming private, said Gaudion.

Now that The Legend has three golf courses available for members to play, it has added considerable value for existing and prospective members, said Troy McReynolds, a partner and general manager at Rivermoor Golf Club in Waterford.

“Gaudion is one of the most entrepreneurial course operators in the state,” McReynolds said.